First Foundation Interest Rate Policy - Effective September 30, 2017
Statement of Principles - AKA How We're Different Than the Bank:
- We want you to own your home (not a mortgage), grow your wealth (not the bank’s), and protect yourself and your loved ones.
- We want you to save money!
- When we make more money than usual, we believe in sharing that with you, our clients.
- We believe that interest rates - real rates - should be published openly and honestly. You shouldn’t have to jump through hoops to get a great rate.
- We believe that you have the right to understand the similarities and differences between mortgage products and how those features affect pricing and the total cost of borrowing.
- We believe in keeping advertised interest rates up to date and current.
- We believe in more disclosure - not less - so you can make an informed decision.
- We believe in keeping the fine print to a minimum. This very page makes us twitchy.
- We will advise you on the product / rate combination that, in our professional opinion, best suits your needs but ultimately allow you to choose for yourself which product and rate you would like.
Interest Rate Pricing Guidelines:
- We always advertise the best rates available to us from our lending partners.
- In the case of “unpublished specials” from our lending partners, we publish the rate but not the name of the lender. You’ll know who they are when we talk.
- On loans over $500,000 we can often offer an additional 10 basis point reduction - below the rates our lenders are offering.
- For example: Lender XYZ is offering 2.79% on a 5 year fixed rate. You borrow $560,000. First Foundation makes more money and passes the extra on to you by ‘buying down’ (with our commission) your rate to 2.69%. Win / Win!
- We will match or beat any written, valid offer from the Big Six Canadian Banks on a comparable product. If we can't, we'll send you a $10 coffee card. These are, in random order: RBC, BMO, TD, Scotia, CIBC, National Bank. We will match or beat written offers from other lenders on a case by case basis. We want you to save! Product terms and conditions must be comparable, First Foundation is the sole judge when comparing.
- From time to time First Foundation will offer certain promotional offers. The details of these offers will be presented at that time.
- Interest rates are subject to change at any time and without notice. Lenders are constantly changing their rates and we don’t always know about it in advance. The market is very dynamic.
- OAC. You may or may not qualify for a certain rate based on lender guidelines. If you don’t qualify for some reason we’ll let you know and explain why. (OAC = On Approved Credit).
- Errors and omissions excepted. (E&OE) Mistakes happen.
- Some products and rates are only available in certain markets and on certain property types.
- No cash value.
- Our minimum loan amount is $100,000.
- We do not arrange financing on mobile homes. Very few exceptions apply. Seriously. Buy a condo instead.
- Pricing guidelines apply only to regions in which First Foundation operates as a Licensed Mortgage Brokerage.
- Subject to lender guidelines and approval at all times. Golden Rule: They have the gold, so they make the rules.
- If it a) makes sense, b) we can get it approved, and c) benefits you, our client, then First Foundation management may grant an exception to these policies on a case-by-case basis.